Relx Inc. (RLX.US) released its financial report for the second quarter of 2024. The report showed that the net revenue of the company reached Rmb627.2 million in the quarter, up 66% year-on-year from Rmb378.1 million in the same period of 2023; the gross profit under GAAP was Rmb134.9 million, down from Rmb204.7 million in the same period of 2023. However, the gross profit under non-GAAP was Rmb213.1 million, up significantly from Rmb86.2 million in the same period of 2023. The basic and diluted earnings per share (EPS) of the company's American Depository Shares (ADS) were Rmb1.08 and Rmb1.03 respectively in the second quarter, down from Rmb1.54 and Rmb1.50 respectively in the same period of 2023. The basic and diluted EPS under non-GAAP were Rmb1.71 and Rmb1.64 respectively, up significantly from Rmb0.64 and Rmb0.62 respectively in the same period of 2023. The gross margin was 25.2% in the second quarter, slightly lower than 26.1% in the same period of 2023.
Ms. Wang Ying, Co-founder, Board Chairwoman and CEO of Relx Inc. said, "We delivered strong performance in the second quarter, with revenue continuing to grow on a sequential basis, driven by our international expansion. Our deep dive into the global e-cigarette market has provided valuable insights, enabling us to develop effective and targeted regional strategies."
Mr. Chao Lu, Chief Financial Officer, added, "In the second quarter, our net income grew 66% YoY, reflecting our ability to capitalize on market growth opportunities. Despite a slight decrease in gross margin, we improved our non-GAAP operating margin through rigorous cost management. Looking ahead, we are confident in continuing to drive revenue and profit improvement, driven by sustained growth in the international market and our relentless pursuit of operational efficiency."